The high-yield market moved higher over the Thanksgiving holiday shortened week as stocks set new record highs and oil rose to a three-week high early in the week. The yield to worst and spread on the Bank of America High-Yield Index (BAML) tightened 15bps/20bps to close at 6.55%/464bps respectively. Treasury markets were flat after several weeks of yields gapping wider with the US 10yr note holding steady at 2.36%. WTI closed higher by 0.8% at $46.06.

High-yield retail mutual and exchange traded funds saw inflows for the first time in seven weeks totaling $597.5 million (for the week ending Wednesday), following a span that saw nearly $8 billion leave the asset class. Just three deals across four tranches totaling $2.41 billion in proceeds priced early last week as many market players took some extra time off for the holiday. 24 deals have priced so far in November for $13.421 billion making the YTD total 321 deals for $208.73 billion.

The Bank of America Merrill Lynch High Yield Index monitors the performance of below investment grade U.S. dollar-denominated corporate bonds publicly issued in the U.S. domestic market.  Index data sourced from Bloomberg. BAML HY represents the index yield for the designated date, while return/change represent the index return for the period ending date. Yield referenced is the yield-to-worst and spread referenced is the spread-to-worst.